Karnataka Bank Personal Loan
Karnataka bank personal loan is available at 13.43% p.a. for loan amounts up to ₹5 lakh and repayment terms of up to 5 years. Employees in both the public and commercial sectors are eligible to apply for the loan and can obtain it through a digital process at their own convenience. Karnataka bank provides personal loans to its customers at very competitive rates. You can get a personal loan from the lender if you match the qualifying requirements. The loan length can range from one to five years, depending on the personal loan arrangement you choose.
Features of Karnataka Bank Personal Loan
Cater variety of needs
Karnataka Bank offers a wide range of personal loans to satisfy the distinct needs of different types of applicants.
Hassle free
By providing a few sample papers, you can rapidly apply for a Karnataka Bank personal loan online from the comfort of your own home or office.
Flexible repayment
Personal loans from Karnataka Bank feature a variable payback schedule that begins at 12 months and can be extended to 60 months.
Address needs
Karnataka Bank offers three personal loan options to satisfy the various personal and professional needs of its customers
Online method
No paperwork is necessary, the entire process is digital and can be availed whenever the requirement occurs.
Quick approval
After the approval of the personal loan, Karnataka bank opts for quick loan disbursement in your bank account, for instant financial relief.
Karnataka Bank Personal Loan Details
Interest rate | 13.43% p.a. |
Loan amount | Up to ₹5 lakh |
Loan tenure | Up to 5 years |
Processing fees | Up to 2% of loan amount (Min. ₹2,500 & Max. ₹8,500) |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Karnataka Bank Personal Loan Fees & Charges
Apart from the interest rate, personal loans may include other fees and levies. Understanding the costs is critical, so let’s understand the processing fees and charges offered by Karnataka bank on personal loans.
Processing Charges |
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Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Processing fees and other costs can significantly increase the overall cost of a personal loan. To lessen their financial burden, borrowers should carefully analyse the terms and conditions of a loan, notably the fee structure, before signing it.
Karnataka Bank Personal Loan Interest Rates
Interest rates play a key role in determining the total cost of a personal loan. Let's look at the interest rates offered by Karnataka bank on personal loans.
Interest rate for salaried applicants (for both private & government employees) | 13.43% p.a. |
Source: Paisabazaar; rates as of 23 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Although the bank has not stated publicly that it offers different interest rates for personal loans based on specific traits such as credit history, job details, EMI/NMI ratio, job particulars, and so on, it is common practice for most banks and non-banking financial companies to consider these factors when setting interest rates for their personal loan products. As a result, individuals, particularly those with a great credit history, should evaluate offers from multiple lenders before applying for a personal loan.
Karnataka Bank of Personal Loan Eligibility
- Citizen: Indian residents
- Job: At least 6 months of job experience in the government or commercial sector are eligible to apply for the loan.
- Age: The applicant's age should be at least 21 years.
- Previous loans: The applicant should not have an existing unsecured personal loan with Karnataka Bank.
City Union bank instant gold loan
- Amount: The gold ornaments pledged for an emergency gold loan should be 22 to 24 carats.
- Criteria: Individuals considering obtaining personal loans from City Union Bank may compare the unsecured personal loan qualifying criteria supplied by other lenders.
Other than this, at the time of deciding your eligibility for a personal loan, the bank might take into consideration
your credit score, minimum income, and repayment capacity.
Karnataka Bank Personal Loan Document Required
- Aadhaar card
- Voter ID
- PAN card
- Driving Licence
- Aadhaar Card
- Passport
- Utility bill
- Rental agreement
- Bank statement
- Income information
- Salary slips (for salaried employees)
- Passport size photograph
To ensure a smooth application process and speedy acceptance of your personal loan, you must have all of the relevant documentation readily available. By organising these documents ahead of time, you can speed up the verification process and avoid delays. Remember to maintain your documentation up to date and precise to avoid difficulties.
Karnataka Bank Personal Loan EMI Calculator
Karnataka Bank has introduced an online EMI calculator, which is a very essential financial tool for anybody seeking the way to repay the loan. With the loan amount, interest rate, and tenure, one can easily calculate the EMIs, total interest payable, and total amount to be repaid. There will be no manual computation required; thus, it will save time as well as exertion. Another reason the calculator is designed user-friendly and intuitive is because its design makes it accessible to people of all ages and technological backgrounds. The calculator helps lend people in understanding financial consequences of their loan decisions by ensuring access to the right information in a transparent way so that proper decisions can be made, which are compatible with their budget and financial goals.
Karnataka Bank Personal Loan Interest Rate vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
Bank of Maharashtra | 10.00% onwards |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
Dhanlaxmi Bank | 13.30% onwards |
DBS Bank | 10.99% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Bank website; rates as of 27 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Karnataka Bank Personal Loan FAQs
Which modes of payment can I use to make EMI payments on my Karnataka Bank personal loan?
To pay for the EMI online through the Karnataka Bank website, it has to debit the savings or current account held with Karnataka Bank. An ECS or ACH mandate, registered with some other bank will be required otherwise.
Can personal loan EMIs be paid through the Karnataka Bank website?
Yes, Karnataka Bank lets you pay the personal loan EMI online at the site.
Is there an option to receive the record of each EMI payment done on my Karnataka Bank personal loan?
Yes, you may check the EMI payments done against your Karnataka Bank personal loan on their website using either your loan application number or your mobile number.
Can I avail any scheme of personal loan to finance the education of my child from Karnataka Bank?
Yes, now you can pay for your child’s education with a personal loan from Karnataka Bank.
Can I avail of a personal loan by Karnataka Bank to repay my medical bills?
Yes, you can get a personal loan from Karnataka Bank to pay for medical expenditures. However, you can consider purchasing a health insurance plan to cover your medical bills.
My credit score is poor. Is it possible to get a personal loan from Karnataka Bank?
Karnataka Bank, like other lenders, takes credit scores into account when making decisions. If you have a low credit score, your interest rate may rise or you may be denied credit.
Is there any requirement for availing collateral for a Karnataka Bank personal loan?
However, you don’t need to provide security to get a Karnataka Bank personal loan.
How long does the Karnataka Personal Loan Scheme take to repay?
The Karnataka Personal Loan Scheme may have a repayment period from one to five years.
Would the bank accept a longer term if I accept a low-interest deal?
Probably you would be able to pay less if you choose a longer period. However, that would vary with each bank. You would get the latest information on this by contacting Karnataka Bank.
Are there any additional fees related to Karnataka Bank’s personal loans?
For more information about these fees and charges, please contact the bank directly.
Which is better: a fixed or variable interest rate?
It’s all up to you, a predetermined rate remains constant regardless of market fluctuations. In contrast, a floating rate fluctuates anytime the market rate does.